Three-Unit Residential
New
For Sale
$525,000
407 Colville Street, Chattanooga, TN 37405
Separate entrances and a rear parking lot serve three distinct living spaces.
Property Size2,218 SF
Days on Market7
Property Features for 407 Colville Street
General Information
Standard status
Active
Size
2,218 SF
Property subtype
Triplex
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA, 1 x studio
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,049
Building Details
Building Size
2,218 SF
Year Built
1920
Buildings
1
Listing Agency:
David Barrueta Associates
Listed By:
David Barrueta · License #301385
(404) 493-1794
Source:
Gracefrankgroup
Added: Oct 7
Changed: Oct 11
Last Checked: Oct 13 at 3:43AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of David Barrueta Associates
Investment Insights
Based on property information with market context.
Built in 1920, this residential income property contains three units, each with a separate entrance. The first-floor residence has three bedrooms, one bathroom, and a covered porch. Upstairs, a one-bedroom apartment includes a stackable washer and dryer; a studio has a private rear entry and deck. A surface parking area is located behind the building, with additional street parking nearby.
Work completed since 2024 includes replacement of the sewer line between the building and street, an electrical panel upgrade, and siding repairs. Unit improvements include updated appliances and thermostats in the two larger apartments, plus a renovated kitchenette, mini-split HVAC system, and reconstructed exterior stairs in the studio.
The property is across from a neighborhood park and community center with tennis, pickleball, baseball fields, and a playground. The Walnut Street Bridge and the shops and restaurants on Frazier Avenue are also nearby. The property is in the Normal Park school zone and is offered as-is.
Work completed since 2024 includes replacement of the sewer line between the building and street, an electrical panel upgrade, and siding repairs. Unit improvements include updated appliances and thermostats in the two larger apartments, plus a renovated kitchenette, mini-split HVAC system, and reconstructed exterior stairs in the studio.
The property is across from a neighborhood park and community center with tennis, pickleball, baseball fields, and a playground. The Walnut Street Bridge and the shops and restaurants on Frazier Avenue are also nearby. The property is in the Normal Park school zone and is offered as-is.
Key Highlights
- Three separate units: a 3‑bedroom apartment, a 1‑bedroom apartment, and a studio
- Each residence has its own entrance; the studio also has a deck
- Rear surface parking lot, with street parking nearby
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,775
Cap Rate
4.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$435,500
$435.5K
Cap Rate 7%
$311,071
$311.1K
Cap Rate 9%
$241,944
$241.9K
Market Conditions
NOI Build-Up for 2,218 SF
Gross rent
$33.3K $15.00/SF
− Vacancy
−$2.2K −$0.98/SF
EGI
$31.1K $14.03/SF
− OpEx
−$9.3K −$4.21/SF
NOI
$21.8K $9.82/SF
Area
Chattanooga, TN
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$435,500
Cap Rate 7%
$311,071
Cap Rate 9%
$241,944
Alternative Uses
Best Use
Multifamily LT 5
$311.1K
$272.2K – $362.9K
NOI $21,775 @ 7.0% cap · market cap 4.15%
Second Best
Apartment 5plus
$279.1K
$244.3K – $325.7K
NOI $19,540 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$489.9K
$428.6K – $571.5K
NOI $34,290 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,065
Businesses Nearby
Explore this area
Business Placement
Demographics for 37405, TN
18,231
Population
9,959
Households
1.8
Avg Household Size
36
Median Age
53%
College-Educated
92%
High-School Grad
54.3 sq mi
ZIP Area
336
Density / Sq Mi
$77,850
Median Household Income
$51,748
Median Earnings
$1,276
Median Rent
$416,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Separate entrances and a rear parking lot serve three distinct living spaces.
Where is this triplex located?
The property is located at 407 Colville Street Chattanooga, TN.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Three separate units: a 3‑bedroom apartment, a 1‑bedroom apartment, and a studio; Each residence has its own entrance; the studio also has a deck; Rear surface parking lot, with street parking nearby
